HONG KONG: SFC publicly criticises Fidelity Worldwide Investment for breaches of Hong Kong Takeovers Code

Wednesday November 9 2011

The Securities and Futures Commission has publicly criticised FIL Investment Management (Hong Kong) Limited (trading under the brand name Fidelity Worldwide Investment in Hong Kong) for breaches of the Code on Hong Kong Takeovers and Mergers as a result of its failure to disclose its dealings in Little Sheep Group Limited shares. Between 23 May 2011 and 1 June 2011 Fidelity Worldwide Investment executed 29 trades in Little Sheep shares and failed to make public disclosure of these dealings as required by the Hong Kong Takeovers Code. Fidelity Worldwide Investment has accepted that it breached the Takeovers Code and consented to the disciplinary action taken against it. Since the breaches came to light, Fidelity Worldwide Investment has implemented a number of measures to ensure future compliance with the Hong Kong Takeovers Code.

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